During 2025, gold trade between Russia and China reached an unprecedented level. According to Financial Times sources, in the first 11 months of this year, Russia supplied gold bars to China for almost 1.6 billion euros.
Especially the last months were marked by a sharp increase in activity. In November, gold worth 818.6 million euros was exported from Russia to China, while in October this figure was 792.2 million euros. For comparison, in the fall of 2024, gold was not supplied to China at all, and the highest monthly figure for that year was limited to only 189.9 million euros.
Bloomberg also confirms this trend, noting that in the first six months of 2025, Russian exports of precious metals to the Chinese market almost doubled, approaching $1 billion. Experts explain this by the fact that the price of gold on the world market has reached a record level and the demand from China remains stable.
At the same time, the Financial Times writes that China's actual gold purchases may be up to 10 times higher than official statistics. Analysts attribute Beijing's active policy to its desire to strengthen financial security and reduce dependence on dollar assets.
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